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Step2247 [10]
2 years ago
12

Joshua invested $750 in an account paying an interest rate of

Mathematics
1 answer:
Maslowich2 years ago
5 0
Due to the difference in the interest rate and the quarterly compounding, Joshua will have $212.24 more than Josiah.
Step-by-step explanation:
Giving the following information:
Joshua:
Initial investment (PV)= $750
Interest rate (i)= 0.0341/4= 0.008525
Number of periods (n)= 18*4= 72 quarters
Josiah:
Initial investment (PV)= $750
Interest rate (i)= 0.0285
Number of periods (n)= 18 years
To calculate the future value of each one, we need to use the following formula:
FV= PV*(1 + i)^n
Joshua:
FV= 750*(1.008525^72)
FV= $1,381.98
Josiah:
FV= 750*(1.0285^18)
FV= $1,169.74
Due to the difference in the interest rate and the quarterly compounding, Joshua will have $212.24 more than Josiah.
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Jenny has saved $3,800 over the last 12 months. She saved either $250 or $350 a month. During the 12 month period, how many time
Nana76 [90]

Answer:

Jenny save 4 times \$ 250 for the month

Step-by-step explanation:

Given Jenny has saved \$3,800 over the last 12 months.

She saved either \$250 or \$350 a month.

Let the number of months to save \$250 be x

Let the number of months to save \$350 be y

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x+y=12 \ \ \ \ equation\ 1

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250x+350y=3800

Dividing both side from 50 we get,

\frac{250}{50}x+\frac{350}{50}y= \frac{3800}{50}

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5\times(x+y)=5\times 12\\5x+5y=60\ \ \ \ equation \ 3

Now Subtracting Equation 3 by equation 2 we get,

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x+y=12\\x+8=12\\x=12-8\\x=4

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